KIM - Earnings call transcript Q3 2024 | Kimco Realty Corporation

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Operator

Hello, and welcome to the Kimco Realty Third Quarter 2024 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to hand the call over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. Please go ahead.

David Bujnicki

Good morning, and thank you for joining Kimco's quarterly earnings call. Jamieson, participating Ross call Investment members Cooper, Cohen, call. CFO; team Flynn, include Officer; of management Officer; answer our CEO; Operating questions that Kimco's President Dave available our Kimco executive on as are today the Conor Glenn as team The well Chief also other to Kimco's and the Chief during

factors. that may the during statements be statements of actual in a made the important company's factors. course other to this projected is reminder, refer uncertainties risks, differ note forward-looking. deemed due could SEC to call company's And results such variety those materially the it As that of filings and Please to from a forward-looking such address

our may to Relations Kimco these of our found measures presentation, arises, investors quarterly website. reference need information help believe we'll that, supplemental the this as to be the Also, non-GAAP the if we financial understand website. And in the our information possible. And certain Kimco's IR as Investor results. During call call was to to better turn financial in measures can resolve try Conor. that with incur management post quickly additional operating financial difficulties, we'll I'll non-GAAP Reconciliations make on technical to over event

Conor Flynn

guidance call update securing exciting the entitlements will is we, some and on again, raised. We our as These our it important on schedule. will entitlements new progress follow year, great our both close highlight demand an achieving to and on also the favorable this made venture of supply update contribute we building morning, million net metrics full the we estimated Good update our entitlements ahead $XXX transaction XX,XXX brief at have will internal well. some market dynamics self-develop, our I integration, have and joint us to goal and long-term whether as external Then growth with will company for even sector thanks gone conclude which for with great a outright, our to extremely year progress year on potential. growth key million provide the acquirer highlight in multifamily these We're today. leasing the with lease out unit growth. an which well of we ground a and success, our on sell accomplishment year and metrics. financial with range another enhanced joining Glenn them and begin believe $XXX I'll valued offer or past acquisition, and to proud quarter, being Ross us of on made benefit has the XXXX RPT with significant an flexibility, to choose a enhance for an insights

Turning integration for operating teams their to extraordinary our I want acquisition. and to thank efforts. our

close the of NOI exceed small We Kimco's the occupancy continue we respect the continue synergies projections RPT's gap to performance with between on on ahead for year, to to shop operational both pace integration portfolio this and and of and occupancy. the are and spread expectations and

increase RPT basis XX small a a in quarter-over-quarter shop Specifically, basis increased increase basis XX occupancy driven XX occupancy point points point and anchor by in occupancy.

are space options shopping in leaving to prospective several construction locations, limited off-price, to obtaining and tenants demand platform declared bankruptcy the and remains space markets. our for sought-after historic of underscore limited proactively which dynamic bankruptcy broad-based in more continues and us for favor leases health new at that this most particularly assumed key retailers the According or in locations. In high-quality for Kimco. large portfolio national vacancy to our in grocery, centers. lows, brokers, To continues reaffirming fitness, tenants high-quality services center availability, for portfolio prime our retail providing supply is our during XX demand process confidence Another current the attribute additional levels XXXX, out be secure with who tenants. leasing is encouraging and XX beauty, were creditworthy continue acquired by compete and from Even wellness, assigning and all emerged leases either diverse, to or to medical with

team portfolio. mix affords our the and of push our All ability enhance best-in-class merchandising value of further to this increase economics, the our

Turning to our leasing metrics.

year-over-year XX all-time to with the up our quarter team our Anchor achieved report XXX XX Small points in to a which which this up XX high XX.X%, and XX shop occupancy up fourth milestone basis XX that year-over-year. to occupancy of to points points another proud are occupancy high quarter, matching achieved points points basis We year-over-year. was points also XX.X% and XX.X%, basis basis was basis basis sequentially up is XXXX. was higher record

options an the was target New square leases X.X with XX.X% million deals Miami, Staten XXX third our York New XXX,XXX spreads. Renewals totaling at quarter rent for spread in consecutive Florida, for in third drivers options lease with X.X% quarter. renewals as new new quarter. The volume double-digit Lauderdale, XXXX and XX.X%. feet spread Fort was a X.X%, increasing The was combined in and new Island, dealership XXth feet quarter Combined, million a a spread by a X.X%. deals conversion lease XXX and Tesla growing include of square for grocery options Florida. lease volume totaled square X.X totaling in well new renewals XXX volume impressive of the was feet as rent deals Positive totaling [indiscernible]

withstand annual anchors believe by closing, distinguish rent platform built to These we look results go of this we while added quarter, of meaningful XX%. here. percentage employment portfolio to grocery any excited team, our spending consumer have inflation. continue where that the and also our relative from about from the And the aligned base to which have cycle, we dampening unique platform our benefit and the are of from and momentum engaged to we assets a we built by economic operating and designed grocery-anchored to provides healthy continued the strength improving business highly differentiation. In X solid encouraged team and We market are supported a

have and been Kimco. allocation growth sheet our balance to our any and ability add accretive on to We for Ross? to align. dedicated organic and capital at goals bar itself. want raise pounce improve I giving colleagues the external the remain us executing opportunity storm on the thank when growth continuing stars presents when to weather strategic We disciplined the management

Ross Cooper

year. With excited Kimco's recent as I level everyone. investment as close discuss new we safe first XXXX. a look back hope took and and today. made focus the half out properties. we third including our expectations evaluating of modest cost of to morning, strategy approach we have in acquisition assets, more the shifted to of you Good quarter, owned I'm a moving towards owned away acquisitions investments back format year we capital, are larger the In we structured investments and favorable the happy from the selective Halloween to today's ahead opportunities, highly pivoting

of of are Town these opportunities. the remain respect to we Waterford our we number With capital why a Center newest assess Lakes will excited essence in we of our types about acquisition, disciplined allocation. very Orlando, large As opportunities, in external captures format

to is going point assets, yields. competition advantageous pricing price benefits, for the there In less better and in terms leading of higher

both some retailers the multiple a of built open-air mix management property of in the we includes market-dominant significant dynamic X dedicated anchor strength and after out the health the and years, of expiring a well assets, that no dining, platform operations Florida drive performance stands and XXXX further complementary long-term to our years. with full-line mark-to-market grocery collection perfectly local existing near, opportunities we in features team, sales proposition and posting options soft low differentiated X% junior XX substantial growth which is underwrote. has chains cap asset caters in Additionally, extends in next Kimco's with at rate Waterford's and have its discount the properties. Waterford medium with going fitness respective goods, wellness format lifestyle The skillful as highly beyond options traffic of leases several upside The demographic. value counts and has nationwide. over to highest which own tenant equipped these their entertainment,

Our tenants this to to rents to of annual market and trajectory for rarely growth major rate commensurate robust continually a portfolio our be company a be expect supports come. upgrade add years see. it couldn't and and the compound say, we caliber contributor enthusiastic performance we with ability to our to many to current growth for sales Needless more

XXXX, offer asset. the shape to while in our high-quality to the relates an a shift attractive foot the touted initiative we refusal the other in we or having XXXX, focus our potential program. to providing beginning Since of As program as opportunity right that's take our to structured get have estate investment to the own at on first real returns door ultimately inception

We now seeing diligence convert potential mezzanine from financing conduct investments as few a on outright opportunity we to to this are due materialize with the existing ownership.

could in of to view a opportunities our still ownership. early While this the solidify as structured future process, pipeline these long-term

to years. of and look and we Turning We a happy start. And the increasing to that, seen in to strong We volumes to now strong spread narrow higher-quality an year I'm have XXXX finishing the continue we market. continued invest and pass financials capital the in retail couple with XXXX transaction to forward market to to it product past expressing off own believe getting optimism Glenn to seen haven't provide with off outlook. updated the retail, hitting desire open-air a bid-ask running the levels in to the will transaction uptick into with and

Glenn Cohen

Ross, and good morning. Thanks,

our quarter quarter high-quality demonstrate same-site operating NOI Our spreads strength impressive all-time for the continue high include and of leased our to investment solid the growth. grocery-anchored strong occupancy platform third results open-air positive portfolio. Highlights leasing and

opportunities. well-positioned liquidity provide us significant on our addition, In optionality capacity growth leverage and metrics

or on third last for quarter results. million per details Now FFO to the third compared X.X% was $X.XX share $XXX.X diluted per share, of year's representing quarter. growth some

greater the was quarter, rata color, $XX.X balance expense further driven million $XX.X higher same XX% driven primarily growth by the and the pro million debt over levels rent million pro NOI interest of was the operating $XX momentarily. quicker million of The I'll commencements. by some million generated higher or we increase growth year. For RPT touch that of in due offset acquisition rents portfolio, $XX NOI This total period the in $XXX.X fueled from rata on third by the of from to prior an minimum by

quarter. growth to rent compressed Also, from commencements overall Turning the the by we quarter. last be generated primary growth basis driver contractual by which pipeline, seasonal X.X% points, positive same-site higher and not attributable contributing continues impacted signed mostly minimum third NOI faster spending. XX basis to NOI recoveries driven for rents X.X% increases same-site The points rent XX from open to

loss. overall addition, continues from lower to In our credit NOI benefit

but XXX of leases totaling of the signed first pipeline. basis basis moment to acquired some not including For months, at represented want the from the pipeline At occupancy rent, loss X credit a the portfolio. detail the XX to and XXX third our end comfortably $XX.X points not basis which RPT September, million base our our was of to and take is XX points, points the open end of annual on respectively, assumption. I $X.X signed million recently lower provide open additional quarter related

Of we commenced providing added Snow during totaling leases XXXX commence the $XX.X Snow approximately look pipeline, XXXX, to is $XX.X million the $XX by million and the offset of million of that to the XX% pipeline, generate the healthy expected by about us million ahead. as during of end New $XX.X quarter. momentum ABR third were

stock debt-to-EBITDA balance sheet. JV XXXX. metric On with level EBITDA debt perpetual the We was the began in preferred consolidated X.Xx. and a third look-through including net XXXX to debt pro best X.Xx, Turning quarter of since net we basis, the this ended to reporting rata outstanding

X with instruments the new XX-year a million, quarter rate X XXXX, a facility blended long During from in XXXX. facility. pending this of the raised rating to bond, term from our $XXX during stable proceeds loans from are The third with cost as addition X.X% $XXX The from matures reduction Fitch our has which cost improvements X positive XXXX debt revolver bond. Also, at our to outlook increased achieving of a rating all-in unsecured in as the million lenders additional $XXX on loans. to final our February unsecured million of achieving currently $X we $XXX we has an is a quarter, $X issued well the billion to a received greenhouse million revolver, maturity from which is received this short-term Scope the lowered adding X, Separately, interest-bearing These billion our the outlook it. stable, in and targets with maturity coupon we us A- gas it Scope on XXXX invested another for are The reduction of emission on currently $XXX XXXX outstanding drawn third associated X.XX%, million very S&P X impactful term A- goals. term loan and X.XX%. the of and issuance in our as

Now on and range strength FFO quarter, the previous to expectations range fourth for on per we $X.XX the our diluted the of our again share from results are to $X.XX an raising $X.XX update outlook. Based $X.XX. for year-to-date of our to

expected growth to million. for full X.XX% $XXX million to our million. the of $XXX Waterford Interest RPT the to to guidance a X.XX% and following as incorporates $XXX income which NOI previously FFO year of Lakes from range plus increased we is between includes previous And the the $XX fourth quarter Our be inclusive assets. Same-site range range million of share X.XX% $XX of is acquisition per increased updates investment million, to announced, assumptions. of outlook our and

by outlook $XXX disposition our million lowered $XXX also to million We $XX to million.

to Looking in We to fourth our do we $XXX a of we report million maintain as the outlook cash quarter approximately interest the plan same realize on XXXX expect results plan level to go-forward our wanted provide but we in call to not basis. ahead, income when out following. XXXX

our mentioned, thank and our well due associates I our to million drove results pay hand off bond use path. us unwavering the will XXXX. on these X.X%, all positions X, to whose As continue previously cash And with we February $XXX outstanding I existing to commitment on of want growth that,

take ready now questions. are to your We

Operator

from Goldfarb Piper comes [Operator of Instructions]. question And our Alexander first Sandler.

Alexander Goldfarb

outperformance similar for probably the mentioned Weingarten. and have I you Conor, RPT of it's believe to

here X underwriting? transactions today I how original we for As your both to you whether there sit portfolios basis so or is about way a guys original sense FFO or points some in of have dollars of transactions, your or much those metric, actual those just performed and the quantify versus how a mean, underwriting? think exceeded it's magnitude

Conor Flynn

ahead Yes, Thanks, Alex. we're expectations. enthused RPT been obviously, of by results the has

implementation our the at from synergy see think assumptions. that, the large that we've when able I and both for as can execution our the transactions to look been NOI side, on like you underwriting you underwriting really the outperform as well

I And is we're think I that's every into and our profile if what was where think, I platform lot think NOI I today. asset of unlock platform, shines number. really about transactions organization. And for XX.X%, this growth is executed RPT enhances team that bigger. really use we be a about because, very through, where helped It's the asset, when get we you the of that's which is our quarter, going continue forward, at lot what's look for of belief by the Again, to and it's integrating actually, really our And our the again, getting a driven the did a not enthused really we value it platform growth strong Weingarten shareholders. big profile same-site shining into think Kimco. when improve Kimco to the about both can really of use

Operator

UBS. The next question from of Michael comes Goldsmith

Michael Goldsmith

RPT forward Sticking RPT shop theme a with big the like step leasing. seems the small in here, it

are still XXXX And opportunity portfolio? of to how really gap be a that gap, Do see helping you and you truly your scale set does close bit to relationships where that year that Kimco can here? about compress that kind seeing the So up little a you're to with large what talk you the core portfolio.

David Jamieson

great asking I it. appreciate No, question. you Yes.

Snow Florida, Sunbelt The in definitely retained So for disposed demand the absorbing in about sites, portfolio mean firing you're RPT. obviously we We talk The initiative us continue all contributor we're to of shop core but numbers. the enhanced it's markets The flowing. it the opportunity having we're in behind exceedingly a that operating that compress is real. the largest big first portfolio the of contributor of upon we only driving and is I doing year. as the all team a on the side quickly of drivers an RPT. operating continue It's the on above, The really to We to same think is the supply that RPT as just that cylinders. It's now through And we'll starting impact of well of focused the the part yes. with that site Core to have our the pipelines. along one quarters the getting significantly through to flow I momentum small X lack and on sort team gain of we see portfolio, see in extremely after the we some QX not lot. transaction of outperformance are real obviously, very Kimco the close strong, that that's well. The starting handful of a rent Midwest is that the way.

personnel, they're with some We team organization. members, into the the and doing an job acquired now excellent also months X transactions, incredible excellent

be So activity. by we the more couldn't thrilled

Operator

The Juan question of Capital Sanabria next from comes BMO Markets.

Juan Sanabria

opportunities bit could and And that little the net the a for be the you fee a more acquisitions on traditional investments opportunity big about talk how guess of could basis? there? you have hoping I simple Just about structured rights quantum go-forward

Ross Cooper

to. happy Sure,

comfortable itself. at get with But a basis. the we're variety happy about assets attractive if returns opportunity for very own real itself that, doesn't, One, it to a comfortable presented we very interim the the be estate in if and again, foremost, that we'd very program this you really as enthusiastic of first So reasons. are we're know,

deal, little that bit that X, partner years, to on X, every of X they for a has cycle, see is to cycle. end different a So deals that bit been what but are we every of of of a are a we've the couple years, a starting life a little get these strategy, different of life few in starting towards

offer, that one itself fee. working of opportunity. There with of right as partner is asset potential of now we're that the particular first right very closely a refusal first our having an is So that acquisition right on presenting

be But about that So that in between couple million program have is of be beginning we we'll spread XXXX. now $XXX a outstanding in might that parts something the materialize to able assets. see of right dozen which

has come it So a the pipeline ability to but first materialize, be big couple to starting see that really we're fruition. to if does the

So about we're that. excited

Operator

comes next question The Kesten Wells from of Dori Fargo.

Dori Kesten

to As you years? next the how Or just activate the you to [indiscernible]? to you provide these over now entitled, before, as guess I potential timing? you are continue able some and projects timing add guardrails are to few thinking about said total costs around JVs

David Jamieson

mean Yes. all opportunities. I going discipline had these we're the preserve to we're with that going we've to always

returns with we us right Suburban a we starting is years, partner. And sound units activations. the that and enables now X. from extraordinary preferred to XX,XXX of X have last project X looking which yield continue which so attractive in at have over an our now construction in our process for now Obviously, effort entitled, structure, that activate to We'll very now terms under us Square

to closely down of come but at rebalance handful have want potential strict maintain opportunities looking opportunities and and to discipline. monitoring a be as and this could in costs we're 'XX, We fundamentals that we preserve start market

that there before, already potential the monetization on entitlements considering. we're the table of organization. that of So it's real a done developers, But ground between third-party to options as always some potential the we've the maybe which of bases, accretive

Glenn Cohen

operating we at [ of of form so the Whitmer. the built. leased land Milton just the currently Yes. that's that have in you have at reference. parties the actually Today, of of both built a the that them project being and operational the are frame our -- Coulter that add, and we and I And project some units would have we ground some have X,XXX been just have where ] on in process

or them a activated we've So X year. X projects

disciplined So about put very we being them how out.

Operator

comes Jeff from Bank question Next America. Spector of of

Jeffrey Spector

importance across centers focus I your around wanted different lifestyle on having the comments markets. and they're to

In or you terms of fit are markets a focused criteria demographics would on and dominance select market acquisition for opportunities, the in Kimco?

Ross Cooper

great a question. Yes, it's

formats differentiators one our Kimco the and benefits think to of of able our think our as And geographic diversification. of about value create in in of platform geographies. all the diversification that of formats, we're all as and well one and with you I importance is diversification

with put we with you very that's where to the it amount to value opportunity competition it some like. a driven very markets is where performance the you to these but all which team, assets we've by we deals seen do shopping management. of those to When significant the -- about limited leasing the opportunity of team operations see think create capital also there's has and neighborhood do when So it has great in definitely much much is, certain grocery-anchored team, deals. and the that together, it on the chasing with again, this, compared for center, the

our we've is again, various in and So format, today where price capital. over But where able opportunities larger that point the of parts take assets the our for that team we we variety to can of there's differentiate right of and we various sit, where advantage think formats been we cycle. higher stand a

Operator

Samir of next Evercore The comes from question ISI. Khanal

Samir Khanal

generating focus pretty know maybe here blocks But now, the the X.XX. through for 'XX upside at shop you think help the side. on being the building I solid talked mean, through with about occupancy guess, kind us -- us growth in Conor, this year, walk I of to I just you're growth.

another us a in next further setting even next of think is plus sort So growth for we of Or through Help up year? acceleration X%? year. year are this for

Conor Flynn

be to giving not going for call. We're next this guidance year on

now. process through going are budgeting the We

this operationally We the for Kimco. good going year how to growth are Clearly, a see forward. been enhance looking has we

earlier credit remarks, gone been as it's bankruptcy retailers have those at my that If are those tenants. assets process, mentioned by leases you pretty been acquired that and the through bankruptcy muted and become I have look in the other season,

I retailers shopping lot continues centers. consumer quality do high continue with strong want has really of there's outreach to coming have obviously, to a for So to think to a resilient. pouring of be operators, election and -- see up. massive in we in The spaces that it with to expand continue the we available. The

the we muted to backdrop where So is and see supply being forward demand the continue going one being diverse.

And so as NOI growth we'll not we looking for compress continue but sign, growth. pipeline, continue the push the the to hopefully be the open FFO enhance enhance to growth ways profile, at same-site to organization.

now So portfolio. the got ingredients. We've how incrementally improve do again, growth got we're We've And profile. the we've we the team. the at looking got

centers. Kimco differentiators talked the recycle bit shopping We into those has may about others XX,XXX the look a of that apartment don't, operating and entitled accretively some And monetize we units. those some that little to of

assets shopping may also recycle can higher-growth again, high-quality some where look recycle we to center. flatter We a into,

those opportunity So opportunities and to to of there's that profile. to a significant types growth see the are try continue at and in the 'XX going enhance be we look

Operator

next Point. Van The Floris of Compass comes from Dijkum Gerbrand question

Floris Gerbrand van Dijkum

transactions particularly some look you can where to Or transaction see higher were following might smaller to your mean at deploy things into opportunities rents. just they ground are there as you you do on some potential a you as opportunities larger bigger what do things of about apartments these you a as you be growth -- your as view? lot capital just -- try you well. of that your Conor, talking have as monetizing up to you've Do in obviously, assets, assets. well, match you fund out see monetize, going including entitlements, you got -- So I

Conor Flynn

Yes.

it's a think I good question, Floris.

the that maximizing think basis. price to way we seem and we a achieving on value, be look one-off I maximizing at

it of that, So a to whether are of that net or of ground XXXX a lease entitled unique on to whether monetizing one-by-one built, and that's triple it's those might ready developer with circumstances, to type suit or credit long-term a deal, a buyer property it's piece each it's a tenant selling be an a again, through, investor.

each unique ingredients each of are parcel. on unique, those the are So

So match we're looking the a we've been obviously with. we to coming the have funding to we work shopping results that through excited raw into what's about and then can higher-growth center. see best that, ingredients And

Ross Cooper

I add, sales a would the we're company charge. be Yes. asset think where cap And are that dilutive recycling, leading I excited in and really days where point the evolution at asset the to higher the gone just we're of our the long rate

it's Now accretive focused asset recycling. on really

or mentioned So which of these entitlements the we monetizing accretively that redeploy really us with looking years opportunities case. that way at the for wasn't some ground leases to our a is strong versus quite capital past,

Operator

next The Mailman from comes question Craig Citi. of

Craig Mailman

and for to inflation push a years for impacting ability how some of kind has. of from appropriate -- pricing if, of price kind It than administrations guys everyone's potentially it last seems rents. bit going be Just how instance, in that of been the curious of particularly the all, the couple the could forward higher here different policies stayed for views if real your different internal a estate at inflation have view have little you to changed tailwind

Conor Flynn

inflation if still much a Yes, at is you focus. of both very of mean candidates. I look the sort policies

probably on issues both I there's think sides. inflation

and I think where a towards market us. center. continues when profile inflation consumer The those is one situations It's and gravitate is of for good of to a own strong. think employment actually I inventory thing. shopping we that the making the Clearly, the outpace lot still critical for at growth to sure assets our that's inflation, retailers that we So look continue very

Our traffic is up X% year-over-year.

inflation, it the it's positioning look But Fed the in to their back bringing forward to have of projections we're is again, going their when that at closely. think confident I to you to levels. targeted down seems it watch there, something be

Operator

St. Haendel from comes question next The

Mizuho. of Juste

Unknown Analyst

This Vedi guidance. the the You is dynamics Haendel. the the acquisition on Ravi discuss transactions market? in to for ask raised Wanted you competitive line Can the you acquisition about here.

these at XX sizes rate smaller We specifically check also projection? rate what XX, raised upward cap is the the bps, driving by buyers are there cap and

Ross Cooper

Sure.

cap transactions are rates completed the this of year. we've reflective the that So

of So higher of Waterford the investments. it's a mix are layering and higher then, been in course, our program, in octane, which structured yielding Xs. low

So a when range. there transactions. talked from retail jumping We There's to of retail as last and several settled relates that. that been have the rate large that that in. about that's maybe now the investors for sidelines competition on the of capital you no doubt get out are curiosity years about for terms and lot we the institutions the in it cap There's where blend, back

So across were particularly country Las shopping mid-Xs. some at very a a the which center of suburban at in We in grocery-anchored we're Vegas aggressive Michigan grocery-anchored occurred, we and for Detroit there of shopping awarded a sub-X in that is few that recently the seeing a deal price was just examples in recent centers. the a just looking frankly, seen while. the of that a that just traded part all cap, that competition, country. A it's lot quite And transactions haven't was neighborhood for

compress. to stable, be to not clear that are rates to if us very cap continue very it's So continue going to

environment the goes. upon see volatility. to is that going of the clearly to be We've rate Some where continued dependent

XX going the actually end the depending I to was fact, of think to points In curve, anticipated really the XX expand day. market rate to We've lower rates. the longer cuts, since the basis lead which interest on seen

a focused but pick opposed those the consideration, to cap rate, trajectory that's we're long-term disciplined. just continue to what much investors, be of and we'll just the as on spots is as going our in assets So long-term growth and very

Operator

McGinniss The next Scotiabank. of question Greg from comes

Greg McGinniss

touch curious just agreed could mean, I despite to may they that to this Waterford selling how environment to sellers seen cap know I moved right be sellers since rates. interest case rising could and a the the And transaction now? you months you does on recently again. investment if I what's the Ross, initially finally, years. few guys than touch the ago. have And greater deals, driving you mentioned rates remain want for there's see volumes what's lot we on market. mean driving we've mentioned you in competition just of but recent that to transaction I a

Ross Cooper

seller, an Sure. own Yes. might entity their I look has mean, they I to rationale why for every think asset. selling move every

I think capital, of lot we demand. a environment, of there's lot talked about, this as in a

what redemptions, that as some it's liquid any of on seller some the tends classes. opposed at of other is part liquidity to or shopping fund, their basis centers closest where the if the to be depending asset open-air grocery-anchored of is, today most So is sort to the assets likely pricing profile if needs in there's most

cases, advantage And Waterford. we've the in we've institutions seen particular, in of that. beneficiary that So or of some investors take been

be X we of asked of didn't pricing right was reasons quarter fourth the sort And which first look for on that, the own the timing. a every the you until quarter one we working bond that and the of has coincidence, variety mentioned, a has in that CMBS on but of particular this as Waterford. years, You deal issued to X.XX% I life that been loan the of there year the to the happens at on that with being since next somewhat mean, of I about when do the on its it top year. we've one for cycle. assumed This at rate close there's

So again, as at things we holds. look long-term these

the and X- period fluctuations or that something pricing environment sorry, really or the [indiscernible]. that over -- X-month is that over course the period, in it's something lost X- my market the we I of So the X-month

long-term the the that beginning So I would pricing at asset, where today, so be little would look at, really yes, that that within not bit excited we decades the pricing asset for about anyway, for come we from a that point just time. portfolio. it's We're a were something of to in investor, year. again, particular the But at you at a owner, tell as different

Operator

next The Sachs. comes question Caitlin Burrows of Goldman from

Caitlin Burrows

would translate whatever interest bumps, spreads past? expect new leasing to. it if days. feel how in be to wondering little you the characterize the was But strong relevant doesn't it talk I you demand up that you more because leasing versus about tenant like these given environment. it And to a come to much and maybe tenant be that turnover bit lease a how as I it's could might else do cash seems recent or

David Jamieson

asking. Thanks for Yes.

at demand with or last when you supply-demand we of first half to, with right. the to process And our resolved You're obviously, it's all the plan getting sort at the the When on feel forward, 'XX well environment. the schedule ahead I our at I over supply, anchor high of 'XX think, success the in of in the either resolved where say driver starting an schedule times. is renewal. year. But of like go afterthought rollover lease it that's the unit leasing of side, we have time, look rollover were look or I XX%

when rates today, at time to statistics regard. on plan historic that 'XX, for of year. you just I in then plan where we're as look slightly to trend the where ahead we And schedule last So are rollover we're to overall we were ahead at this of comparative

off-price of terms leader. as In use the a categories, obviously, your

year, deal the #X almost anchors the XX% flow this on on of the us, our For for anchor at grocers new are side, deals.

it's product that out continues facilities. they And for looking a as they're new markets opportunities share that, into demonstration build and market growth So expansion excel. distribution their really category to also just

us creating commentary as their step and I listen that trying for store of of they're think these to facilitate some well, you're and struggling store to they're their that at count to help the hit some hit count still come when engagement. you new opportunities in to retailer out times, comments hearing

that closely opportunity. achieve very very, retail working we're our with So to partners

now we that intentions ahead with strategies match so And their also how schedule so and 'XX their looking and of well we're can up and growth does our at plan get in well here. 'XX rollover

we've growth, through we'll over market, rent deal well. you small prior obviously, new as to spreads on on to, ties were to quarter the can continue the that the and to majority XX% quarter, that side, as push those continued vast shop renewal our see have As exceed opportunity but this to closer spreads excel spreads, side, side our

good for small shop net-net, costs. So hold lease on in system. this the deals don't the environment anything know, costs, we've were look still you quarter cracks remains side we a majority the But the see that strong. Again, material. continued We currently, of drive as And that's lower steady. to always

Operator

question from The comes next Tsai Jefferies. Linda of

Linda Yu Tsai

Question for Ross.

a few where across couple spread times million assets, look give located dozen those and highlighted $XXX investments, of quality holds. us you've a their you mezzanine a they're long-term fit how like, a location Can from they Regarding in flavor and perspective? of what properties

Ross Cooper

I the you it program, does think structured say, composition the When the of greater composition owned mirror, really of absolutely. geographically our about would It's Sure, portfolio. diverse.

have some We lifestyle shopping neighborhood larger centers grocery-anchored some assets. as as well

does able reflect it that the we So hands to them. on what owning event were get in comfortable we're our very operating

think be it's each that to and format. I there's within opportunity every So going some consistent, and probably

Operator

The comes next Golladay of Baird. Wes question

Wesley Golladay

residential or And have how can you a you Will then be assets into a quantify the as chunky opportunity at maybe in far XXXX big view pipeline? give as may many asset. Orlando us the

David Jamieson

Yes.

right Obviously, all On side now, opportunities day as X. mean, the over our that. our we we relates that team any residential us, development I jumping it for underwrite to for something Waterford, didn't team, be will it's

near-term the center see is the at Our to upside. enhancing quality really continuing that's and that retail of focus the

as over But we about our look and for So long with we as the can acquisitions, that will priority other unlock that be always, mine deeply term. all do we opportunities one. the

Ross Cooper

Yes.

conservative in mass, of at well. future in But underwritten, it's and anticipate opportunity dissimilar the we assets, we or not that do as we opportunity. has opportunities I of have exist when terms we've the densification. come asset that see with and think too all any what a larger Stonebridge year to additional is acquired it last upside We future of on land initial from include growth top look don't that you what those these opportunity our for creates approach take multifamily larger underwriting, a

Conor Flynn

on Again, And we're larger investments some Typically, And look as has fee previously forward the really the future. as question of that's in part to at acquired be another potential the investments we for second lumpy. at structured about are potential now. next year. looking opportunity us mentioned assets the Ross market. in then that those everything going

Operator

Street. Green Rojas [ ] next Elena The from of comes question

Paulina Rojas Schmidt

periods, been X% Kimco's I'm NOI over XX shift to in growth years. in the long positive years have or X.X%. we at remarkable Retailer prior a fundamentals. CAGR stronger X demand seen years looking recently, to has than But the

same-property you say, historical you over, see CAGR let's these how do fundamentals this likely strong NOI next think So to do materially X years. will bidding sticky how be? -- X% NOI the And X.X% CAGR

Conor Flynn

type now. good think innings experiencing right today revival the by And really years of that of the sort lot experiencing the I rebound that very it's that then driven and point. a And growth in this a It's of lack of the last supply really over we're Yes. retail demand. of outsized early XX new is we're

of you're rate the bankruptcies lion's to where you and And the an where see space. point turnover, a you so basis out to you that work. the to of momentum see next then when tenant of at we build you to taking is the stronger there's CapEx on of continues, high growth if have because no renewals the remain up lot don't start retention volume, lot and look deal CapEx which turnover year, NOI percentage at where have space landlord start look inflection going it much we today. lack have And improvement lack in There's a a to the rates of has of allowance start share needed or don't

So that's really need, on we're way set of drivers soon. of return start demand that is off making side those of today. again, pencil. diverse they're development don't a I terms long cost the And the of in we just to the a of because continue really you there's monitor of still vibrancy see would sort the anytime supply experiencing what we to continue anticipate as retail changing deals

to an improved forward. watch hopefully And see into continue go pace you'll That's continues next we going as exciting we rate year. what growth to that's So if Kimco. that

Operator

JPMorgan. question comes Mike from of next The Mueller

Michael Mueller

today? sell the guidance, decision it disposition need you timing? lower just Was to view -- assets Or just fewer a just want is that to

Ross Cooper

venture our Yes. partners. of all conversation with close factors. in joint of It's a We're different a combination few

Some viewpoints I and think strategies. have different old

joint assets, partners a that particularly venture that have on leading market been in sort of charge. currently the of West Coast one the with We our few have

that much was year the might of actually in so a transact. how uncertainty And there little earlier bit of to

term. desire We a also have particular, I guidance. And think and to those a take lower just pause outperformed lot in of performance significantly transparency created and assets now, the to enabled the hold in initial clarity which longer assets combination RPT a the a more portfolio, that in expectations, of the that us some

those combination portfolio longer. the X a factors gave of of So confidence lot hold us a to

Operator

The comes Kamdem Morgan Stanley. Ronald next from of question

Ronald Kamdem

we're debt gain the is are should to just about the only focusing different way. X.XX% year should down? think more thing things Just you as year, sort same-store sort flipped the you we sort about? really and the maybe bad we next on question, the a it re-leasing calendar, asking other occupancy spreads, When potential going for of at looking of to back for Or the of considerations slow talked there be to any

Glenn Cohen

for Look, us, about. that convincement of and good -- in just happening been pipeline, things rent talked the been site of are has There's good strong. we about, have the is a terms we've pretty as same It's question. as all talked lot quicker a strong, and

So commence that think pipeline, during snow XX% snow of we the pipeline will XXXX.

driver. be So real that's a going to

on credit focused much very have loss. We

range for that So down. We're are in come loss Historically, the starting very it. you of on has But today, XX based and basis low see loss think that's continue probably point to I at to things that end point has been right credit though, credit the we'll range. monitor us. today, where XXX

Operator

from question follow-up Sandler. Piper of next The is Goldfarb Alexander a

Alexander Goldfarb

on maturities question just Glenn, 'XX. in

obviously GAAP bond, the your has the think another from talk of million that there's Can you part of I but it's Weingarten, and about think because mark-to-market. that just You -- thoughts maturities, are? bond $XXX I coupon what prefunded

Glenn Cohen

Sure, Alex.

remaining effective a be is million where are that, see that point, $XXX rate a But in go X.X%. bond we'll the XXXX, maturities market of will in we're off the million in $XXX shape. to of that coupon to really right there has an for mortgages opportunity have back are. where then good So Weingarten address X.XX%. look probably paying bond X.XX% to we'll And March X interest to Again, Alex's we things have other of

We our today. have availability on revolver full

there's available $X there. billion So

of We very you've a you try about seen. to especially really, have different stay seen, go profile us through always maturities. well-staggered very, and options as we really And the address having them has as well we've lots to of ahead approach maturity times and how served inflationary like

Operator

David to I'd This question-and-answer over turn the for session. Bujnicki to like call concludes our any remarks. back closing

David Bujnicki

getting Just Ross Halloween, a like few of look conference And to thank We going out as and have so mentioned, much. who's Thanks today's safe participate you to forward everybody happy together seeing November. today. on that NAREIT in just celebrating at and call. anybody the upcoming day a and

Operator

disconnect. presentation, for now has and Thank attending conference concluded. now may you today's you The

Kimco Realty (KIM) 31 Oct 242024 Q3 Earnings call transcript